Adaptec 2003 Annual Report Download - page 55

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PMC−Sierra, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year ended December 31,
2003 2002 2001
Cash flows from operating activities:
Net loss $ (7,991) $ (65,007) $ (639,054)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment 26,461 39,708 51,212
Amortization of other intangibles 479 1,139 46,803
Amortization of deferred stock compensation 1,008 2,813 41,184
Amortization of debt issuance costs 1,413 1,564 652
Deferred income taxes 1,131 8,429 (10,733)
Loss on disposal of property and equipment 232 — —
Impairment of goodwill and purchased intangible assets — — 269,827
Impairment of other investments 3,500 15,337 17,500
Noncash restructuring costs 1,490 — 16,229
Gain on extinguishment of debt (1,700) — —
Gain on sale of investments and other assets (5,903) (3,725) (2,479)
Impairment of property and equipment — 1,824 —
Write−down of excess inventory — 4,020 20,660
Changes in operating assets and liabilities:
Accounts receivable (5,024) (617) 77,848
Inventories 8,145 3,806 7
Prepaid expenses and other current assets 4,511 2,936 6,146
Accounts payable and accrued liabilities (631) 6,239 (30,034)
Income taxes payable 14,618 1,811 (43,749)
Accrued restructuring costs (113,061) (30,253) 161,198
Deferred income (2,262) (9,695) (36,378)
Net cash used in operating activities (73,584) (19,671) (53,161)
Cash flows from investing activities:
Change in restricted cash 2,782 (5,329) —
Purchases of short−term held−to−maturity investments (16,538) (144,734) (169,594)
Purchases of short term available−for−sale investments (54,701) (117,483) (135,763)
Proceeds from sales and maturities of short−term held−to−maturity
investments 120,459 125,501 142,371
Proceeds from sales and maturities of short−term available for sale
investments 170,258 108,843 50,015
Purchases of long−term held−to−maturity investments in bonds and notes (95,874) (199,797) (197,135)
Proceeds from sales and maturities of long−term held−to−maturity
investments in bonds and notes 189,973 167,111 —
Proceeds from sales and maturities of long−term available−for−sale
investments in bonds and notes 16,268 — —
Purchases of investments and other assets (4,912) (10,139) (7,532)
Proceeds from sale of investments and other assets 8,539 7,799 3,317
Investment in wafer fabrication deposits — — (5,188)
Proceeds from refund of wafer fabrication deposits 15,213 — 6,197
Purchases of property and equipment (11,651) (3,141) (27,840)
Proceeds from sale of property 14,225 — —
Purchase of intangible assets (225) — —
Net cash provided by (used in) investing activities 353,816 (71,369) (341,152)
Cash flows from financing activities:
Repayment of capital leases and long−term debt — (470) (1,746)
Proceeds from issuance of convertible subordinated notes — — 275,000
Repurchase of convertible subordinated notes (96,680) — —
Payment of debt issuance costs — — (7,819)
Proceeds from issuance of common stock 36,208 9,894 24,800
Net cash provided by (used in) financing activities (60,472) 9,424 290,235
Net increase (decrease) in cash and cash equivalents 219,760 (81,616) (104,078)
Cash and cash equivalents, beginning of the period 70,504 152,120 256,198
Cash and cash equivalents, end of the period $ 290,264 $ 70,504 $ 152,120
Supplemental disclosures of cash flow information:
Cash paid for interest $ 10,568 $ 10,762 $ 211